GaryChatelain
Member
I know it's a risky situation, but has anyone had success writing off their RV on their income taxes? I would love to know how this can be done. Thanks in advance.
And there is the answer.A lot of it depends on what businesses you are in.
You can have a CPA, TAX attorney to boot and win in a suit in Federal court and STILL be force to pay or spend MORE money to fight. Yes, IF you have a true well documented fire safe business and files... Go for it. As stated win or loose and move on.
at one time I really thought the same until my good friend, a FED agent long past dealing with tax cases (now into money laundering cases) spelled it out for me. Have fun out there and protect your assssets!
And yes I have a CPA and TAX attorney.
Hmmmm.......Pardon me, I need to get back to reading "Glenn Beck's New Book"..... Now what was the name of that book?
Wondering if anybody in this thread is concerned that their operating limitations might say something like "No person may operate this aircraft for other than the purpose of meeting the requirements of ? 91.319(b) during phase I flight testing, and for recreation and education after meeting these requirements"?
In my case, my insurance policy says to be covered I have to operate my aircraft in accordance with its operating limitations... Putting these together it kind of looks to me that I can fly insured, or I can fly for deductible business purposes, but not both at the same time.
Of course, I'd be claiming a deduction only after I've successfully concluded a flight without incident, so I suppose in practice there wouldn't be a conflict. As long as the FAA and the IRS don't start talking to each other... now there's a scary thought .
--Paul
If your company makes avionics, the plane is part of the testing tool. You can definitely write the whole thing off.
It might be a bad idea to try to depreciate the asset value of the aircraft, because I think depreciation has to be recovered when the asset is sold. Hope some knowledgeable CPAs can help out here.
So along the same lines as above let me pose a scenario and I'd like feed back as to whether or not this violates the operating limitations. Disclaimer: of course I realize anything expressed in this thread is opinion only and is not guidance or tax advice.
1) you have a photography business - can you use your aircraft to take aerial shots? If you are doing this, can you deduct the operating costs? can you direct the fixed costs?
2) you have an aerial camera business - making gyro stabilized platforms for aerial filming. Can you use an experimental aircraft as a test bed for your systems? Can you actually use the aircraft for hire as a platform to perform aerial cinematography?
3) if you are doing 2 above, can you deduct the operating costs? the fixed costs?
It would appear to me based upon the limited knowledge that I have that you may be able to legally do #1, but 2 and 3 appear to me to be a violation of the operating limitations.
Thanks for any and all feedback/opinions, it is greatly appreciated.
I would rather do this.
1) You get financing to purchase the kit and build the aircraft.
2) Lease it to your company
3) Write off the leasing payment from your business.